Report: Biden Spending Bill Could Financially Benefit Pelosi US Speaker of the House Nancy Pelosi (D-CA) speaks at a news conference on Capitol Hill on March 19, 2021, in Washington, DC. (Chip Somodevilla/POOL/AFP via Getty)
By Theodore Bunker | Monday, 05 April 2021 04:36 PM
President Joe Biden’s proposed $2 trillion spending bill could lead to House Speaker Nancy Pelosi, D-Calif., receiving a sizable financial benefit due to her husband’s investments in Tesla, Fox News reports.
Pelosi’s husband, Paul Pelosi, invested anywhere from $500,000 to $1 million in Tesla last December, according to financial disclosures. The electric car maker stands to benefit greatly from Biden’s infrastructure plan. Pelosi’s deputy chief of staff, Drew Hammill, told Fox that the speaker had no “prior knowledge” of the investment.
"If you read the disclosure here, you will see that under the 'Owner' column each is marked SP for spouse," Hammill said. "The speaker has no involvement or prior knowledge of these transactions."
According to the transaction report, Paul Pelosi purchased 25 call options, essentially a nonbinding agreement to purchase a stock at a set price by a certain date, of Tesla stock for somewhere between $500,000 and $1 million on December 22. The report also notes that Pelosi bought 100 call options each of Apple stock and Walt Disney stock along with 20,000 shares of Alliance Bernstein stock. Members of Congress are allowed to buy and sell stocks, but they are not allowed to use information provided by their positions to make their investments.
The Associated Press notes that “though Pelosi’s husband’s investment was legal, it has drawn scrutiny from critics who argue that members of Congress should not be allowed to trade individual stocks at all. The House Speaker is likely to play a key role in shaping U.S. clean energy policy, and the investment means Pelosi could stand to financially benefit from the success of one electric vehicle company, Tesla.”
A spokesperson for Pelosi did not respond to the AP’s request for comment.